CO's

I have a question about CO's.

The house we're buying does not have a CO for a finished basement and basement bathroom. The owners prior to the owners now finished it, and I guess they never got CO's. And when the current owners purchased the house about 8 years ago, I guess the bank they used missed it.

We are FHA, and apparently they are a lot more strict when it comes to CO's. And the owner is saying that she doesn't want to get a CO, so it would be on us.

Anyone know how I can obtain a CO even after the work has been completed. It was probably completed close to 10 years ago... so I'm a little worried. Also, how much will getting a CO cost us?



TIA!

Message edited 11/27/2012 2:05:35 PM.

Re: CO's

I have never had any bank ask for a CO for a finished basement or a basement bathroom

FHA or conventional- I would say at least 30% of the houses I closed on this year were in this category

now - this can become an issue if they are getting COs for other things and the town inspector is coming in

but if no one is coming but the bank- it's not an issue

Stoves in apartments must be removed for the bank

Re: CO's

House we sold had a finished basement with bath and we didn't get a CO. Wasn't a problem.

Re: CO's

I agree - FHA or conventional - whether lack of COs becomes an issue really depends on the particular lender. COs for improvements to existing space (say, adding a half bath or bath, finishing a basement, converting a garage) usually don't present a problem (the way building an extension or adding a second level to a house would!).

I would be surprised if the bank has an issue with this.

I also think it's less of a concern because the current owner didn't do the work -- title has already changed hands once without an issue. So I doubt anyone will raise a flag about this.

Re: CO's

Thanks everyone! My attorney was the one that was worried, but my loan officer said it would be okay. Hoping for the best!! Thanks!